Standard Chartered on course for another record year
Thursday 04 August 2011
Standard Chartered, the British bank that makes most its profits in Asia, said yesterday it was on course to report its eighth consecutive year of record profits after a 17 per cent jump in its bottom line in the first half.
The group, which continues to benefit from soaring wealth in emerging-market economies in Asia, Africa and the Middle East, also said it expected to create a net 1,000 jobs this year – in stark contrast to its UK rivals HSBC and Barclays, which have announced significant redundancies this week.
Peter Sands, Standard, Chartered's chief executive, said: "We've got income up, profits up, deposits up, lending up, dividend up." He added that he had a "somewhat different story to tell to other banks – we're growing, we're hiring, we're delivering profit growth".
The group's first-half pre-tax profit came in at $3.64bn (£2.2bn), as operating profits at its consumer and wholesale bank rose by 58 per cent and 5 per cent respectively.
"Given the markets we are in and the momentum of our businesses, we expect to deliver double-digit income growth in 2011 and beyond," Mr Sands said.
The bank was boosted by a 55 per cent jump in pre-tax profit to $790m in Hong Kong, though it also suffered from a 39 per cent drop in India after a series of interest-rate rises and increasing competition from local and foreign banks.
Mr Sands said its markets in Asia, Africa and Middle East were partly sheltered from the US and European debt problems but warned "they cannot entirely escape the effects".
"The ripple effects across the global economy and financial system are profound," Mr Sands said. "Unwinding the legacy of far too much borrowing, for far too long, will take time, will be painful and will not be smooth."
- 1 Autistic adults could take pure MDMA to 'reduce social anxiety'
- 2 Stolen Instagram photo sells for $90,000
- 3 Before you complain about your GP, this is what you need to know about actually doing the job
- 4 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
- 5 Paracetamol Challenge: Mother of girl killed by overdose pleads with teenagers not to take part
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
'Don't blame all men for rape' campaign backfires spectacularly
Fifa corruption arrests: How Chuck Blazer rinsed money from the beautiful game
Fifa corruption live: Uefa to consider pulling teams from Fifa tournaments if Blatter stays
Ukip MP Douglas Carswell says he felt his safety was 'seriously at risk' after he was surrounded by anti-austerity protesters
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...